Detroit, Michigan prices:$15,000 in 1957→$122,372.21 in 2020

Inflation in Michigan

Prices in Detroit, 1957-2020 ($15,000)

According to the U.S. Bureau of Labor Statistics, prices in Detroit, Michigan were
715.81% higher
in 2020 versus 1957 (a $107,372.21 difference in value).

Between 1957 and 2020:Detroit experienced an average inflation rate of 3.39% per year.
This rate of change indicates significant inflation.
In other words, $15,000 in Detroit in the year 1957 would cost $122,372.21 in 2020 for an equivalent purchase.
Compared to the overall inflation rate of 3.58% during this same period, inflation in Detroit was
lower.

In the year 1957: Pricing changed by 2.93%, which is
below the average yearly
change in Detroit during the 1957-2020 time period.
Compared to inflation for all items in 1957 (3.34%), inflation in Detroit was
lower.

Price Inflation in Detroit, Michigan since 1914

Consumer Price Index, U.S. Bureau of Labor Statistics

Years with the largest changes in pricing:
1920 (21.92%),
1918 (21.89%),
and 1919 (21.46%).

How to calculate the inflation rate for Detroit, 1957-2020

Then plug in historical CPI values from above. The CPI for Detroit, Michigan was 29.017 in the year 1957 and 236.722 in 2020:

236.722 / 29.017* $15,000 = $122,372.21

Therefore, according to U.S. Bureau of Labor Statistics, $15,000 in 1957 has the same "purchasing power" as $122,372.21 in 2020 (in the CPI category of Detroit, Michigan).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Detroit, Michigan in 1914. In addition to Detroit, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.